Ignyta, Inc. (NASDAQ:RXDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage currently has a $16.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.88% from the company’s previous close.

According to Zacks, “Ignyta, Inc. is a biotechnology company. It develops precision medicine with integrated Rx/Dx solutions for cancer patients. The company focuses on the development of RXDX-101, its proprietary oral tyrosine kinase inhibitor that targets solid tumor indications, and advancing its novel Spark discovery programs that leverage its proprietary cancer genomic and epigenomic knowledge bases. Ignyta, Inc. is based in San Diego, California. “

A number of other equities analysts have also recently weighed in on RXDX. Cantor Fitzgerald reissued a “buy” rating and issued a $15.00 price objective on shares of Ignyta in a research report on Wednesday, September 27th. BidaskClub cut shares of Ignyta from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. ValuEngine raised shares of Ignyta from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $27.00 target price on shares of Ignyta in a research note on Thursday, June 22nd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $19.33.

Shares of Ignyta (RXDX) opened at 14.05 on Thursday. The firm has a 50-day moving average price of $11.70 and a 200-day moving average price of $9.44. The firm’s market capitalization is $790.35 million. Ignyta has a 1-year low of $4.15 and a 1-year high of $14.35.

Ignyta (NASDAQ:RXDX) last posted its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.07. On average, analysts forecast that Ignyta will post ($2.57) EPS for the current fiscal year.

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Several institutional investors have recently modified their holdings of RXDX. Cutter & CO Brokerage Inc. acquired a new stake in shares of Ignyta in the 2nd quarter valued at about $122,000. Numeric Investors LLC acquired a new stake in shares of Ignyta in the 2nd quarter valued at about $126,000. Legal & General Group Plc raised its stake in shares of Ignyta by 71.9% in the 2nd quarter. Legal & General Group Plc now owns 12,681 shares of the biopharmaceutical company’s stock valued at $131,000 after purchasing an additional 5,306 shares in the last quarter. Virtu KCG Holdings LLC acquired a new stake in shares of Ignyta in the 2nd quarter valued at about $132,000. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Ignyta in the 1st quarter valued at about $133,000. Institutional investors and hedge funds own 80.82% of the company’s stock.

About Ignyta

Ignyta, Inc is a biotechnology company. The Company is focused on precision medicine in oncology. The Company is pursuing an integrated therapeutic (Rx) and companion diagnostic (Dx) strategy for treating cancer patients. The Company’s pipeline includes various compounds, such as entrectinib, RXDX-105, taladegib and RXDX-106.

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